Cash for Clunkers to Get New Funds

Drivers still hoping to swap old cars for lump sums have a little more time to get to the dealership: The Senate is expected to to pony up an additional $2 billion for Cash for Clunkers. According to President Obama, the program’s initial $1 billion—which was supposed to last until October—will run out Friday. The vote to extend the measure (using money formerly set aside to use toward renewable-energy subsidies) will allow the rebates to continue through September. The program awards rebates of between $3,500 and $4,500 to consumers who trade in old cars for newer, more fuel-efficient ones, aiding consumer spending and allowing nearly a quarter-million Americans to buy new cars. The Clunkers program reported having performed $664 million worth of transactions as of early Tuesday morning.